Stocks Hold Gains Despite Consumer Data

Updated from 11:20 a.m. EST

Stocks in New York held to gains early Tuesday afternoon despite the release of the worst consumer confidence figures on record.

The Dow Jones Industrial Average was up 125 points at 8609, and the S&P 500 was gaining 14 points at 883. The Nasdaq was up 28 points at 1538.

Adding juice to the market, the Treasury Department said it will provide $5 billion to GMAC Financial Services, GM's auto and mortgage financing arm, to keep it from filing for Chapter 11. In return for the capital infusion, the government will receive preferred shares that pay an 8% dividend and warrants to purchase additional shares. The Treasury will also extend up to $1 billion to GM, enabling the company to purchase additional equity as GMAC strives to raise more capital. ...